Lighting loans made simple
Lighting up your life
A lighting loan that’s made for you.
With more flexible features and fewer fees, we’ve designed a lighting loan that is tailored to your needs and not the other way around.
Fit for purpose
Finance an energy-efficient lighting with a low-rate loan, so you can stay bright without breaking the bank.
No early repayment fees
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
Flexible loan terms
We offer flexible loan terms from 6 months to 5 years so you can tailor your repayments to suit your needs.
Borrow between $2,001 and $45,000 for any purpose: consolidate debt, renovate, travel, get married and more.
Fixed & variable rates
Our loans can match your long or short term goals with fixed (3 years and over) or variable rates (2 years and under).
We calculate your estimated personalised rate within 1 minute, with no impact on your credit score.
Fast online approvals
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Australia’s most loved personal loan.
Over 1,898 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about a RateSetter loan.
We really needed solar panels but found it difficult to outlay the costs upfront. The service makes it easy to afford with monthly payments and no early repayments. Highly recommend using this company.
RateSetter truly extended to us true sense of compassion and understanding of our predicaments. Their invaluable help and professional assistance have turned our long dream of having a solar system installed in our place. Highly recommend.
RateSetter offer an excellent Green finance option. Highly recommended for affordability and ease of process. The product suited my needs and the rate was very competitive for the amount I needed to borrow.
I could not believe the ease in which I was able to obtain finance. RateSetter went above and beyond to provide me with exactly what I needed and it was done quickly and efficiently. 10 out of 10.
Approved and great rate matched with lender in 24 hours. Process was simple, feedback great with everything very well explained. Funds deposited in nominated account in less than 2 business days.
Applying for this car loan was so easy, very simple uploading the documents if you have everything ready when starting. I did it in no time at all. Thank you so much for your help and emails updating me.
Getting a loan is as easy as 1, 2, 3.
Get your rate
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy RateEstimate.
Apply in minutes
You can apply online in 5 minutes. We’ll need you to verify your identity and submit your bank statements as part of this process.
Enjoy your funds
After your personal loan has been approved and funded, you will receive your funds on the next business day. It’s that simple. Really.
You’ve got questions we’ve got answers.
What is a lighting loan?
A lighting loan is an unsecured personal loan that you can use to purchase sustainable lights for your home. Lighting loans are a form of green loan. RateSetter offers low-interest green loans to customers who wish to invest in eco-friendly projects, allowing them to save money and help the environment.
Why consider a lighting loan?
There’s every reason to replace the lighting systems in your home with sustainable alternatives, such as LED lights. The Department of the Environment and Energy notes that ‘LEDs use about 75% less energy than halogen light bulbs and last 5-10 times longer, greatly reducing replacement costs and the number of light bulbs ending up in landfill’.
Better still, the upfront cost of LEDs generally has a payback time of less than one year. As a result, ‘by replacing 10 halogen light bulbs with LEDs, an average household can expect to save around $650 over 10 years on their electricity bill’.
In short, there are compelling environmental and financial reasons to consider a lighting loan. So, if you’d like to improve the energy efficiency of your home, but don’t have the necessary cash on hand, a lighting loan offers a manageable way forward.
How does a lighting loan work?
A lighting loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.
What are the benefits of a lighting loan?
Personal loans, including lighting loans, allow you to enjoy a lower interest rate than you would receive with a credit card and also offer a consistent repayment schedule. Many personal loans give you the flexibility to make early repayments, allowing you to reduce the length of your loan and minimise the amount you pay in interest.
What can I use a lighting loan for?
Purchasing a range of green lighting products, including:
We’ll pay funds into your nominated bank account on the next business day following your loan acceptance. This gives you the flexibility to manage and pay for your green costs any way you like.
It’s important to note that not all green lighting products are eligible for a green loan (or government subsidy). Eligible products must meet strict standards of efficiency and performance, described within the New South Wales Energy Savings Scheme, the Victorian Energy Efficiency Target or the South Australian Retailer Energy Efficiency Scheme.
How much does a lighting loan cost?
Lighting loans generally have three components that that affect the total cost over the life of the loan:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different lighting loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s green loans, see the table below:
|Term||3 yr||4 yr||5 yr||6 yr||7 yr|
|Comparison rate*||from 9.10%||from 8.74%||from 8.83%||from 8.83%||from 8.83%|
|Credit Assistance Fee||from $300||from $300||from $300||from $300||from $300|
|Monthly fees||from $3||from $4||from $4||from $4||from $4|
|Early Repayment Fees||$0||$0||$0||$0||$0|
*Comparison rate for 3 year loans are on an unsecured renewable energy loan of $10,000 over a 36 month term. Comparison rates for 4, 5, 6 and 7 year loans are based on an unsecured renewable energy loan of $30,0000 over a 60 month term. Comparison rates shown assume customer with an excellent credit history. Rates current as at 4am, 25 June 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates, Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Am I eligible for a lighting loan?
RateSetter provides unsecured green loans to Australian residents. Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter lighting loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for a lighting loan, you will need to complete our identity verification process successfully, as well as considering how suitable a lighting loan is to your current circumstances.
To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at email@example.com.
When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 6.92% p.a. the estimated total amount payable including all applicable fees is $11,460. RateSetter green loan repayment terms range from a minimum of 3 years to a maximum of 7 years. Interest rates start from 6.92% p.a. (comparison rate 9.10% p.a. to 14.23% p.a. based on your term). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.